Vancouver, British Columbia – February 26, 2020 – Noram Ventures Inc. (“Noram”) (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF) is pleased to announce plans for Phase 5 drilling for the Zeus Lithium Project in Clayton Valley Nevada, following the successful Phase 4 drill program that significantly increased the resources. Phase 4 drilling and earlier results were used for a new resource estimate: 124 million tonnes at 1136 ppm lithium as Indicated Resources, and 77 million tonnes lithium at 1045 ppm lithium as Inferred Resources, for a total of 201 million tonnes at 1101 ppm lithium(900 ppm Li cut-off: 1.18 million tonnes lithium carbonate equivalent – “LCE” ; see Noram Ventures press release of February 5, 2020).
The Phase 5 drill program is slated for 1440 meters, comprising 12 drill holes at 120 m depth each. The lithium claystone is known to extend to 120 m depth across much of the property. The drill program will have both infill and step-out drill collar locations, with the intent of upgrading Indicated and Inferred Resources into Measured and Indicated Resources; and to expand the deposit to the south and east of the current resource. An upgrade to the mineral resource from inferred to Indicated or Measured would reflect a greater level of confidence in the quantity, grade or quality, densities, shape and physical characteristics of the deposit such that Modifying Factors can be applied in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.
Noram management is encouraged by significant recent advances in successful lithium recovery from other claystone deposits in Nevada. Lithium Americas Corp. has the Thacker Pass lithium claystone deposit in northern Nevada, and has built a pilot plant that has produced over 5000 kg of high quality lithium sulfate brine, and has engaged experienced crystallization vendors to make battery quality lithium hydroxide samples and provide process flow sheet and cost estimates. They plan on completing a feasibility study on Thacker Pass by mid-2020 (see Lithium Americas press release January 21, 2020). Ioneer Ltd. has the Rhyolite Ridge lithium-boron claystone deposit, just 20 miles west of Noram’s Zeus property. In 2018, they hired Fluor Corporation to build a pilot plant, and have successfully produced a potentially marketable lithium carbonate (>99% pure) product, as well as marketable boric acid. Their Definitive Feasibility Study is due for completion in Q1 2020 (see November 8 and December 9, 2019 Ioneer Ltd. press releases).
Adjacent to the Zeus property, Cypress Development Corp. has a similar lithium claystone deposit that is also within the Esmeralda Formation in Clayton Valley. All indications are that the Cypress’ Dean—Glory deposit is nearly identical to Zeus in terms of mineralogy, and is very similar in terms of grade and tonnage. Cypress has conducted a Preliminary Economic Assessment, and announced successful lithium extraction from the claystone, and favorable economics, with all-in operating costs at less than $US 4/kg lithium carbonate produced. Lithium carbonate currently is $US 8.75/kg, so the operating margin is significant (see Cypress Development website). Noram management believes that the Zeus lithium claystone deposit is directly comparable to the Dean-Glory deposit.
C. Tucker Barrie, President and CEO of Noram Ventures Inc., states that “we are encouraged by the continued expansion of the lithium claystone resource at Zeus, now with 1.18 million tonnes LCE in-situ (900 ppm cut-off, Indicated and Inferred Resources). Phase 5 drilling is likely to further increase the resources. The data will be used for initial mine engineering plans, and the core will provide sufficient sampling of the deposit for initial chemical engineering studies to be incorporated into a Preliminary Economic Assessment report later in 2020. With our location immediately adjacent to Albemarle’s Silver Peak lithium operations in Clayton Valley, we are in an excellent position to move this project forward.”
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc and Certified Professional Geologist who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX - Venture: NRM / Frankfurt: N7R / OTCPINK: NRVTF) is a Canadian based junior exploration company, with a goal of developing lithium deposits and becoming a low - cost supplier. The Company’s primary business focus since formation has been the exploration of mineral projects. Noram’s long term strategy is to build a multi-national lithium minerals company to produce and sell lithium into the markets of Europe, North America and Asia.
Please visit our web site for further information: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “C. Tucker Barrie, Ph.D., P. Geo.”
President and CEO
Office: (604) 553-2279
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.